Tuesday, October 27, 2015

Oando Vitality Assets Inc. ("OER" or the "Organization") (TSX: OER), an organization concentrated on oil and gas investigation and generation in Nigeria, today declared monetary and working results for the three and nine months finished
September 30, 2015. The unaudited solidified budgetary explanations, notes and administration's dialog and investigation relating to the period are accessible on the Framework for Electronic Report Examination and Recovery ("SEDAR") at www.sedar.com and by going to
www.oandoenergyresources.com. Every fiscal figure reported in this are U.S. dollars unless generally expressed.

"Despite lower and progressively unstable unrefined petroleum costs, we proceed to precisely oversee expenses and execute low Capex movement that upgrade our general creation base whilst profiting from our supporting procedures," said Pade Durotoye, President of Oando Vitality Assets Inc. "In spite of the sad operational occurrences that incidentally affected generation in July, Oando conveyed all out creation levels of 4.9 MMboe, a normal creation level of 53,169 boe/day on account of snappy detour and recuperation frameworks executed by the Administrator and our differing arrangement of delivering resources. We stay focused on working with our joint endeavor accomplices to further combine the advantages we obtained a year ago and improve creation, whilst likewise keeping on actualizing expense decrease methodologies and judiciously deal with our monetary record."

Lean times for sector as sixty seven of companies shed employees forty third cut pay and four-hundredth considerably modification employees edges as firms adapt to low oil worth world Job losses expected to slow as business approaches the lowest

There has been no speed within the job losses within the oil and gas business this year, and there area unit any cuts to come back, however the crisis can be reaching a turning purpose, in line with associate degree business report discharged these days.

The stark findings of the twenty fifth Oil and Gas survey, conducted by Aberdeen &amp; Grampian Chamber of Commerce in partnership with the Fraser of Allander Institute and sponsored by national business firm Bond poet, reveal that additional contractors have reduced each their permanent and contract employees than at the other purpose within the history of the survey and fewer area unit engaging at or higher than optimum levels than ever before.

While over simple fraction of employers shed employees over the past year - by 15 August 1945 for operators and seven for contractors - there area unit some positive signs that the speed of worker cuts might slow within the year ahead.

Six months agone, operators were predicting a terrorist organization reduction in numbers that has currently fallen to five, with an analogous reduction from a pair of to a quarter by contractors.

Confidence levels have conjointly improved for each the united kingdom Davy Jones's locker (UKCS) and internationally over the past twelve months, albeit from rock bottom purpose since the primary survey in 2004.

Twelve % of contractors area unit additional assured concerning their activities within the UKCS within the current year, compared to seven-membered in could, whereas forty seventh - down from seventy fifth - area unit less assured.

Optimism regarding current international activities has conjointly improved within the past six months.

Two out of 3 respondents believe the arena has already reached very cheap of the present cycle, or can do therefore among successive year, and an extra twenty fifth feel it'll be among successive one to 2 years.

As the business has worked to drive down prices and adapt to the new low oil worth landscape, the survey reveals that forty third of respondents have reduced pay within the past year, together with 15 August 1945 UN agency cut it by average of 100%.

In addition, four-hundredth of all companies - compared to twenty fifth within the previous survey - rumored creating vital changes to terms and conditions. this is often not solely remuneration and bonus payment reductions, however conjointly in changes to shift pattern and dealing hours, pension contributions, medical plans and edges packages.

James Bream, analysis &amp; policy director at Aberdeen &amp; Grampian Chamber of Commerce, said: “We're probably to stay in associate degree unsure position through 2017 and ‘the bottom’ can make completely different|completely different} times and feel different for every company.

“It is evident that firms area unit try to become fitter, throw and that they area unit operating arduous to seem for brand new markets to secure their future and employment levels wherever that's among their management.

“There isn't any question of satisfaction within the North-east and our sensible individuals can still demonstrate that the oil and gas sector ought to be thought-about a hit story in generating quantity for the united kingdom economy."

“People area unit slightly additional optimistic concerning the longer term for each the UKCS and therefore the international refining industry however the advance is from a really low purpose.

“The business has had to adapt and embrace modification and legerity and firms area unit rising from the oil slump as way throw operations that area unit additional competitive on worth and performance.

“Sadly, this has return at the nice value of the many thousands of jobs however firms UN agency have shed employees have merely had to rationalise or die."

Trends in enterprise

In the spring of 2013, a peak of seventy nine of contractors were engaging at or higher than optimum levels.

This has steady declined and solely twelve-tone system of contractors are engaging at or higher than optimum levels, rock bottom figure since the survey began in 2004.

Seventy 9 % of contractors aforementioned they might “definitely” or “possibly” be additional concerned in decommissioning within the next 3 to 5 years, and fifty three aforementioned they might “definitely” or “possibly” be additional concerned in renewables.

Seventy % expect to be concerned in unconventional oil and gas activity within the UK, with sixty fourth concerned outside the united kingdom.

Current business challenges

Despite most companies (58%) expecting the choice to depart the EU to possess no impact, nearly a 3rd (31%) expect the result to possess a negative impact and eight felt that the impact would be very negative. solely third predict a positive impact.

Ninety common fraction of companies aforementioned the oil worth fall since 2014 has had a negative impact on their businesses, with nearly 3 quarters news the impact as very negative. Seven % rumored no impact and a pair of rumored a positive impact.

The Oil &amp; Gas Authority (OGA), that was established as associate degree freelance government company in October, seems to be commencing to have a bearing.

Forty % of operators aforementioned its creation has had a positive impact on their businesses.

Of those asked if skills shortages may arise within the future as a result of poor hands coming up with, thirty ninth aforementioned “yes” however thought it can be avoided. an extra twenty seventh conjointly thought it had been the case, however was ineluctable.